Kyckr Announces International Launch of 'Company Watch'

SAN FRANCISCO, December 7, 2020 (Newswire.com) - Kyckr Limited (ASX:KYK) (Kyckr), a regulatory technology (RegTech) company, commenced the international rollout of its new SaaS technology platform Company Watch today. 

Company Watch expands Kyckr's know-your-client (KYC) RegTech solutions from point in time, manual, one off authentication of customers to real time, automated, ongoing monitoring.

The product is the latest component of Kyckr's strategic vision to create a Perpetual KYC solution with benefits at every stage of the customer lifecycle.  At present, Financial Institutions (FIs) take an average of 20 days and at least three customer contacts to complete a 'refresh' of KYC customer data. With Company Watch, Kyckr delivers FIs market leading KYC capability - with users reporting time savings of up to 80%, significant reductions in customer contact, and material improvements in data accuracy.

With FIs in Kyckr's key jurisdictions now legally required to maintain up-to-date KYC through global AML regulations such as FinCEN CDD Rule, 5AMLD and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the next-generation technology benefits of Company Watch are expected to accelerate Kyckr's growth. Late-stage commercial discussions with several major financial institutions in Europe are underway and follow on from the on-boarding of Kyckr's first client, a European Tier 1 bank.

Kyckr CEO Ian Henderson commented: "From my 30 years spent in the banking sector, I know just how cumbersome and costly ongoing KYC reviews can be for financial institutions. Company Watch represents a step change in enabling firms to continually monitor their customers' key KYC data."

Ongoing KYC checks are often onerous, manual tasks that can cause customer friction due to repeated back-and-forth. With Company Watch, Kyckr's customers can receive notification of any material changes at a frequency that suits them, enabling them to move from periodic to perpetual, event-driven KYC and remove unnecessary customer interaction.

"We've had a strong response from our enterprise customers and prospects and are delighted to have already onboarded our first client. We are in late stage commercial discussions with multiple FIs and look forward to rolling it out internationally in the coming weeks and months."

Company Watch additional information

The service, which is available to Kyckr's enterprise customers, comes in two forms: Lite, tracking changes to basic registration information and new filings; and Enhanced, which automatically detects and notifies customers of specific changes to shareholding, capital structure and the appointment or resignation of Company Directors. The Enhanced service currently covers entities in Australia, the UK, the European Union and China, with additional jurisdictions expected in Q1, 2021.

To know more, visit https://www.kyckr.com/company-watch/ 

About Kyckr Limited

Kyckr is a global regulatory technology (RegTech) business that provides the financial services sector and other regulated businesses with real-time company registry information to improve the efficiency and effectiveness of Know Your Customer (KYC) processes during the critical stage of customer verification and onboarding as well as post-onboarding customer monitoring (Perpetual KYC). Kyckr's solutions are connected to more than 180 regulated primary sources, in over 120 countries. Through its KYC and Company Watch (Perpetual KYC) solutions, Kyckr helps businesses and customers to prevent money laundering, fraud and financial crime.

Source: Kyckr